VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Friday, January 2, 2026
Crown Castle Inc.
CCI · New York Stock Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Crown Castle Inc. is a U.S. communications-infrastructure REIT with two reported segments: Towers and Fiber (small cells + fiber solutions). Towers has durable advantages from dense, hard-to-replicate assets in major U.S. markets, long-lived site control, and long-term leases with escalators. Fiber benefits from metro right-of-way access and scale, but is more competitive and subject to overbuild and carrier capex timing. In March 2025 the company signed an agreement to sell the Fiber segment, aiming to focus on U.S. towers.
Primary segment
Towers
Market structure
Oligopoly
Market share
16%-26% (implied)
HHI: —
Coverage
2 segments · 5 tags
Updated 2026-01-02
Segments
Towers
U.S. macrocell tower leasing (wireless site rental)
Revenue
67%
Structure
Oligopoly
Pricing
strong
Share
16%-26% (implied)
Peers
Fiber (small cells + fiber solutions)
U.S. outdoor small cell nodes and metro fiber solutions (shared infrastructure)
Revenue
33%
Structure
Competitive
Pricing
weak
Share
30%-55% (implied)
Peers
Moat Claims
Towers
U.S. macrocell tower leasing (wireless site rental)
Revenue_share proxy: 2024 site rental revenues were 67% Towers and 33% Fiber; site rental revenues were 97% of 2024 consolidated net revenues. Operating_profit_share computed from 2024 segment operating profit (Towers $3,322M; Fiber $1,188M).
Physical Network Density
Supply
Physical Network Density
Strength
Durability
Confidence
Evidence
Nationwide portfolio concentrated in major U.S. markets; hard for new entrants to replicate at similar scale.
Erosion risks
- Tenant consolidation reducing redundant leases
- New site alternatives (rooftops, utility structures) in select metros
- Substitute technologies (e.g., satellite) reducing macro demand at the margin
Leading indicators
- Net new tenant billings / churn
- Carrier network capex and 5G upgrade cycle
- Amendment and colocation activity per tower
Counterarguments
- American Tower and SBA have comparable nationwide footprints in many markets
- Carriers can still choose self-build or alternative structures for incremental coverage
Permits Rights Of Way
Legal
Permits Rights Of Way
Strength
Durability
Confidence
Evidence
Long-duration control of tower sites (owned land, easements, and long-dated ground leases) supports durable site access.
Erosion risks
- Ground lease renewals resetting at higher rents
- Municipal zoning or permitting constraints on modifications
- Site loss from non-renewal of a minority of short-dated ground leases
Leading indicators
- Percent of tower gross margin on land controlled >10 and >20 years
- Ground lease renewal spreads and churn
- Number of sites with <10 years remaining on land agreements
Counterarguments
- In some geographies, competitors can still secure new sites or alternative structures
- Landlords may have bargaining power when leases roll
Long Term Contracts
Demand
Long Term Contracts
Strength
Durability
Confidence
Evidence
Long-term tenant contracts with escalators create recurring cash flows and reduce near-term churn sensitivity.
Erosion risks
- Carrier consolidation leading to non-renewals (e.g., network rationalization)
- Repricing pressure on renewals in competitive metros
- Technology shifts reducing incremental amendment demand
Leading indicators
- Weighted-average remaining term trend
- Non-renewals and early termination activity
- Contractual escalator realization vs negotiated offsets
Counterarguments
- Large carriers have concentrated bargaining power and can pressure rates on new leasing
- Some demand is cyclical with carrier capex timing
Fiber (small cells + fiber solutions)
U.S. outdoor small cell nodes and metro fiber solutions (shared infrastructure)
Strategic change: on March 13, 2025, CCI signed an agreement to sell the Fiber segment (small cells to EQT; fiber solutions to Zayo), expected to close in the first half of 2026. Operating_profit_share computed from 2024 segment operating profit (Towers $3,322M; Fiber $1,188M).
Permits Rights Of Way
Legal
Permits Rights Of Way
Strength
Durability
Confidence
Evidence
Access to public rights-of-way and pole/utility infrastructure can slow entrants and create local barriers, but these rights are regulated and contested.
Erosion risks
- Municipal fee increases or permitting delays
- Pole attachment disputes and third-party infrastructure constraints
- Regulatory approvals required for pending Fiber sale
Leading indicators
- Permitting cycle times in key metros
- ROW and pole-attachment cost inflation
- Regulatory milestones for the Strategic Fiber Transaction
Counterarguments
- Cable operators and ILECs often already have extensive ROW and fiber assets
- ROW access is not exclusive and can be replicated over time with capital
Physical Network Density
Supply
Physical Network Density
Strength
Durability
Confidence
Evidence
Large metro fiber footprint supports small cell densification and multi-location enterprise connectivity, but fiber markets can be overbuilt.
Erosion risks
- Overbuilding of competitive fiber assets
- Wireless carriers self-building small cell networks or using alternative fiber
- Slower-than-expected small cell adoption and cancellations
Leading indicators
- Outdoor small cell nodes on-air vs under contract
- Fiber strand utilization and lease-up in dense metros
- Small cell backlog cancellations / deferrals
Counterarguments
- Fiber can be competitively overbuilt in profitable corridors
- Carriers and cable providers can leverage existing networks to compete
Long Term Contracts
Demand
Long Term Contracts
Strength
Durability
Confidence
Evidence
Longer contracts exist, but demand has shown volatility (e.g., cancellations tied to carrier consolidation) and competition is higher than towers.
Erosion risks
- Carrier capex timing delaying deployments and amendments
- Contract renegotiations to avoid early terminations in fiber solutions
- Pending Fiber sale shifting customer behavior (deferrals/cancellations)
Leading indicators
- Small cell deployment pace vs plan
- Early termination and non-renewal rates in fiber solutions
- Booked backlog vs delivered nodes
Counterarguments
- Enterprise fiber is often a price-competitive, commoditized market
- Customers can multi-source connectivity and switch providers when contracts expire
Evidence
We own, operate and lease shared communications infrastructure... including (1) more than 40,000 towers...
Shows scale of the U.S. tower footprint that underpins density advantages.
Approximately 56% and 71% of our towers are located in the 50 and 100 largest U.S. BTAs, respectively.
Concentration in top markets improves network coverage relevance and co-location demand.
The contracts for the land under our towers have an average total remaining life of approximately 35 years.
Long land-control duration reduces risk of losing sites and makes replication slower for competitors.
Approximately 90% of our towers ... gross margin was derived from towers located on land that we own or control for greater than 10 years.
Indicates substantial medium-term site control across the tower portfolio.
Our wireless tenant contracts have initial terms generally between five to 15 years with contractual escalators.
Supports durability of contracted tower cash flows.
Showing 5 of 17 sources.
Risks & Indicators
Erosion risks
- Tenant consolidation reducing redundant leases
- New site alternatives (rooftops, utility structures) in select metros
- Substitute technologies (e.g., satellite) reducing macro demand at the margin
- Ground lease renewals resetting at higher rents
- Municipal zoning or permitting constraints on modifications
- Site loss from non-renewal of a minority of short-dated ground leases
Leading indicators
- Net new tenant billings / churn
- Carrier network capex and 5G upgrade cycle
- Amendment and colocation activity per tower
- Percent of tower gross margin on land controlled >10 and >20 years
- Ground lease renewal spreads and churn
- Number of sites with <10 years remaining on land agreements
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.